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Key Concepts in Evaluating Outcomes of ATP Funding of Advanced Technologies

Published

Author(s)

Andrew J. Wang

Abstract

The Economic Assessment Office (EAO) of the Advanced Technology Program (ATP) commissions economic studies by outside research organizations. A recent study by the Research Triangle Institute (RTI) outlines a framework for evaluating ATP funding of medical technologies. The RTI study employs a standard approach to cost-benefit analysis, but utilizes a number of methods unique to health care assessment to measure the benefits brought about by the new medical technologies. This article highlights important analytical points and explicates key concepts that form the basis of understanding for the approach. Concepts of economic returns, such as private and social returns, and returns to public investment, are discussed in the framework of cost-benefit analysis and net present value. For the analysis of benefits of new medical technology, methods from health care assessment and concepts such as QALYS and statistical value of life are identified and explained.
Citation
Journal Of Technology Transfer

Keywords

cost-benefit analysis, net present value, price of fatality risks, private and social returns, QALY, quality-adjusted life years, returns to public investment, statistical value of life

Citation

Wang, A. (2008), Key Concepts in Evaluating Outcomes of ATP Funding of Advanced Technologies, Journal Of Technology Transfer (Accessed June 23, 2024)

Issues

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Created October 16, 2008